It’s Christmas time and the crypto Santa is finally here! The cryptocurrency market has made a sharp recovery after Thursday’s correction. A t press time, the overall crypto market cap is 4.3% soaring past $650 levels.
Bitcoin (BTC) reclaims the crucial $24,000 levels and is on its way to move past its all-time high and above $25,000. As BTC currently flirts around $24,000 levels, massive OTC deals continue on Coinbase. Institutional Bitcoin buying has been going very strong in Q4 2020 and it doesn’t seem to be stopping anytime soon.
On-chain metrics show that there have been massive outflows of Bitcoins with most of their going to cold storage. The BTC supply shortage is getting serious and shorting at this time won’t be a good idea certainly.
The most important factor now is institutional investors.
Massive OTC deals still on-going according to on-chain metrics, and Coinbase outflow hit 24k $BTC yesterday.
There's no reason to punt a short now.
What am I missing? https://t.co/VGNU3FXnTT
— Ki Young Ju 주기영 (@ki_young_ju) December 24, 2020
The Altcoin Space Recovers Strongly, ETH Jumps Past $620
After slipping below its crucial support levels of $600 on Thursday, Ethereum (ETH) has made a speedy and strong recovery and is 6.59% up today. At press time, ETH is trading at a price of $621 with a market cap of $71 billion. If ETH manages to give a daily and hourly close above $603 the next target in line would be $700.
$ETH / USD
Looking for a daily & hourly close above $603…
This happens and $700 is back on the menu pic.twitter.com/d1UWiayStA
— Cactus (@TheCryptoCactus) December 24, 2020
While Bitcoin (BTC) is the big giant, Ethereum (ETH) has outperformed BTC in 2020 in terms of percentage returns. The Ethereum price has surged more than 350% year-to-date while BTC gains stand around 200%. With the Defi wave riding high during summer 2020, ETH remains one of the most traded crypto assets this year. Here’s a list of things where ETH has outperformed and we expect the price to follow soon.
Everything on Ethereum hit ATH this yr except price:
✅ ETH open interest
✅ DeFi Users
✅ Total locked Value
✅ BTC on Ethereum
✅ ETH in Greyscale
✅ Stablecoins on Ethereum
✅ Staked ETH
Price is next.
— Ryan Sean Adams – rsa.eth ???? (@RyanSAdams) December 23, 2020
After a major price crash earlier this week, XRP makes a strong comeback surging over 30% in the last 24 hours. At press time, XRP is trading at $0.35 with a market cap of $16 billion. Following all the drama and the SEC lawsuit Ripple investors get some home as a more crypto-friendly SEC chairman Elad Roisman takes charge. SEC Commissioner Hester Pierce congratulated Roisman on Thursday.
Congratulations, Chairman Roisman! I look forward to your leadership of the SEC.
— Hester Peirce (@HesterPeirce) December 24, 2020
However, it’s too early to say anything at this point, and who will win the SEC vs Ripple is a question that hovers around. One of the strong performers over the last week apart from BTC is Litecoin. At press time, LTC is up 11% up trading at $116. Similarly, all other altcoins in top-ten are up 5-10% as of writing this article.